Question

Graff Company had the following data for the month of November: Retained Earnings, November 1 = $10,000 Net Income = $2,000 Dividends = $1,200 What is the amount of Retained Earnings on November 30 for Graff Company?

Answer 1

The retained earnings, November 30 is $10800.

Step-by-step explanation:

Retained earnings, November 30 = Retained Earnings, November 1 + Net income - Dividends

= $10,000 + $2,000 - $1,200

= $ 10800

Therefore, the retained earnings, November 30 is $10800.